Some Economists Say Downward Trend Means the Yuan Is Now Closer to Equilibrium

BEIJING—China's trade with the rest of the world was roughly balanced in the first quarter, data showed Friday, taking some of the wind out of arguments that the Chinese currency is fundamentally undervalued.

China has long posted large trade surpluses, sparking criticism from the U.S., where lawmakers from both political parties have argued the country manipulates its currency to give an unfair advantage to its exporters.